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Philippine Senators call for vigilance ahead of 2025 elections amid POGO concerns

Frank Schuengel
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Philippine Senators call for vigilance ahead of 2025 elections amid POGO concerns

A group of senators in the Philippines on Wednesday urged increased vigilance in the upcoming 2025 elections to prevent issues similar to the controversy surrounding dismissed Bamban, Tarlac mayor Alice Guo.

“There’s still a chance this could happen again. It’s everyone’s job to stay alert and ensure it doesn’t, and if it does, we need to act quickly,” said Senate President Francis “Chiz” Escudero during a press briefing. He emphasized that while the Commission on Elections (Comelec) has a duty to accept candidacy applications, it is crucial that any potential disqualifications are thoroughly examined.

Escudero highlighted that Comelec’s ministerial function in processing certificates of candidacy cannot be changed but assured that disqualification cases can be pursued if necessary. “There are procedures in place to disqualify candidates during the campaign if they aren’t qualified… And even if someone slips through, we still have legal processes like quo warranto to challenge their election or position,” he explained.

Senate Minority Leader Aquilino “Koko” Pimentel III echoed Escudero’s sentiments, calling for thorough scrutiny of candidates’ qualifications. “We need to be vigilant, but there’s no need to panic,” Pimentel said, adding that there are remedies available, as seen in Guo’s case.

Senate Majority Leader Francis Tolentino warned that more cases like Guo’s could arise in the 2025 elections, stressing the need for vigilance not just from Comelec, but from the public and intelligence community as well.

Senator Grace Poe added that the current filing of candidacies should be used as a chance to block unqualified individuals from entering the election process. “At the outset, Comelec must rigorously screen aspirants’ documents and qualifications to ensure they meet basic requirements, such as Filipino citizenship,” Poe said, urging all concerned agencies to prevent another case like Guo’s from slipping through.

Alice Guo is facing legal battles related to her candidacy, including a quo warranto petition and a material misrepresentation case. The National Bureau of Investigation (NBI) revealed that Guo’s fingerprints match those of a Chinese national, sparking questions about her identity and involvement in illegal activities during her time as mayor.

Macau welcomes over 304K visitors in first two days of Golden Week 

Viviana Chan
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Macau welcomes over 304K visitors in first two days of Golden Week 

During the first two days of October’s Golden Week, Macau recorded 304,217 tourist arrivals at various border checkpoints, according to the Public Security Police Force. 

This figure contributed to the total number of border crossings, which surpassed 1.3 million in a two-day period.

Cheng Wai Tong, deputy director of the Macao Government Tourism Office (MGTO), announced on Wednesday that Macau welcomed around 25 million travelers in the first three quarters of 2024.  He anticipates over 8 million more in the upcoming quarter, putting Macau on track to meet the government’s target of 33 million arrivals set earlier this year. 

From January to September, approximately five percent of these arrivals were foreign visitors, totaling at least 1.67 million.

Macau authorities are currently targeting 2 million foreign arrivals. Cheng also noted that hotel occupancy rates in the city are expected to exceed 90 percent by next Monday, when the seven-day Golden Week concludes.

Genius Sports appoints Robert J. Bach as an Independent Director

AGBrief Editorial
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Genius Sports appoints Robert J. Bach as an Independent Director

Genius Sports, a leading technology and commercial company that powers the global ecosystem connecting sports, betting, and media, announced the appointment of Robert J. (Robbie) Bach to the Genius Sports Board of Directors, effective as of October 1, 2024.

Robbie, former Chief Xbox Officer (CXO) and President of Microsoft’s Entertainment & Devices Division, brings a wealth of experience in creating groundbreaking entertainment platforms that have changed the landscape of technology-driven consumer experiences.

Robbie J. Bach, Genius Sports
Robbie J. Bach, Board of Directors, Genius Sports

Robbie’s leadership at Microsoft drove the launch of its first gaming console – the Xbox – in 2001, successfully breaking into a highly competitive market. He went on to play a pivotal role in the launch of the Xbox Live service, which created one of the most successful online gaming platforms and set the industry standard for multiplayer gaming. Subsequently, Robbie led the launch of the Xbox 360 which cemented Microsoft’s position as a leading force in the gaming sector.

Robbie also served for over nine years on the Sonos board of directors, in addition to the Brooks advisory board and the U.S. Olympic and Paralympic Committee board of directors.

Robbie’s deep understanding of technology, together with his expertise in forging strategic partnerships and driving consumer engagement, makes him an outstanding addition to the Board.

His experience in leading large-scale technology platforms and global entertainment ventures will help drive Genius Sports’ mission to revolutionize how sports are understood, consumed, and experienced by fans worldwide, including through the application of Genius’ next-generation sports data and AI platform, GeniusIQ.

Mark Locke, CEO of Genius Sports, said: “I am delighted to welcome Robbie Bach to our Board. I know his proven expertise in driving consumer-focused innovation in the technology and entertainment industries will be an invaluable asset. This level of insight and expertise will undoubtedly help accelerate our efforts to revolutionize how sports content is understood, consumed, and experienced globally.”

Robbie Bach, the new Board Director at Genius Sports, added: “Genius Sports is experiencing exceptional growth through its advanced technology and its global reach. I am excited to have this opportunity to collaborate with such a talented and visionary team and I look forward to supporting Genius’ continued success and innovation.”

Genting’s outlook favorable thanks to strong market position, diversified gaming portfolio – RAM Ratings

Nelson Moura
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Genting’s outlook favorable thanks to strong market position, diversified gaming portfolio – RAM Ratings

Both Genting Berhad and Genting Malaysia Berhad have seen their previous ratings reaffirmed by RAM Ratings, along with their debt programme ratings, thanks to a ‘strong market position’ and ‘diversified gaming portfolio’.

In a dispatch, RAM Ratings analysts noted that “Genting Malaysia’s ratings align closely with Genting Berhad’s due to their strong relationship and the expected support from the parent company when needed.”

The AA1/Stable/P1 ratings were described as being supported by “Genting’s strong market position, which includes a diversified gaming portfolio.” The company has a monopolistic presence in Malaysia, a duopoly in Singapore, and is a leader in video gaming machines in the northeastern United States.

Genting Malaysia, Genting Berhad
Resorts World Genting, Malaysia
Resorts World Sentosa, Genting Singapore
Resorts World Sentosa, Singapore
Resorts World New York City, RWNYC, Genting
Resorts World NYC, USA

Additionally, Genting’s interests in plantations, power generation, property, and oil and gas add to its diversification, the rating agency added.

With RM25.65 billion ($6.17 billion) in cash and cash equivalents against RM3.32 billion ($798 million) in short-term debts as of June 2024, Genting’s liquidity is another key strength. Despite rising net debt levels, RAM Ratings expects Genting’s operational performance to remain strong over the next three years.

For the fiscal year ending December 2023, Genting’s financial results exceeded expectations. The company’s revenue grew by 21.1 percent to RM27.12 billion ($6.52 billion), largely driven by growth in its leisure and hospitality segments, particularly in Singapore and Malaysia, which benefited from a rebound in tourism.

Although revenues from the plantation and oil and gas sectors dropped due to lower product prices, these losses were partially offset by an increase in income from the power division.

NagaCorp flags $411M GGR in nine-month period 

Viviana Chan
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NagaCorp flags $411M GGR in nine-month period 

Cambodian gaming operator NagaCorp announced that for the nine months ending September 30th, 2024, the group achieved gross gaming revenue of $411 million, an increase of 8.4 percent year-on-year, and net gaming revenue of $359 million, an increase of 10.6 percent year-on-year.

The update was released in a voluntary announcement on the Hong Kong Stock Exchange on Wednesday after trading hours.

The mass market and referred VIP market drove the growth, with mass market GGR reported at $290 million, an increase of 17.3 percent from the same period last year. The referred VIP market’s GGR increased by 23.8 percent year-on-year to $39.8 million.

In a previous financial update one month ago, the gaming operator flagged a significant financial reversal, as NagaCorp reported a loss of $963,000 for the first half of 2024, compared to a profit of $82.97 million in the same period of 2023.

NagaCorp Vladivostok
Vladivostok, NagaCorp, Russia
NagaCorp Vladivostok, Russia

The group had indicated an expected loss of between $6.9 million and a profit of $3.1 million, largely linked to an impairment related to its gaming and resort project in Vladivostok, Russia.

China’s stimulus likely to improve sentiment around Macau: Seaport

Viviana Chan
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China’s stimulus likely to improve sentiment around Macau: Seaport

China’s recent monetary stimulus is expected to benefit the world’s largest gaming hub, Macau, as the nation’s economy gains momentum and consumer and business confidence improves, notes Seaport Research Partners.

Vitaly Umansky, Seaport
Vitaly Umansky, Senior Analyst at Seaport Research Partners

This renewed optimism may further support Macau’s growth narrative as it moves into 2025, particularly with a potential recovery in the mass market segment.

Senior Analyst Vitaly Umansky mentions in a recent investment memo that, a week ago, the Chinese government announced a series of monetary policy measures likely to bolster sentiment in both China and Macau. In an ‘unusual move’, the People’s Bank of China (PBOC) revealed a range of actions, including a reduction in the banking system’s reserve ratio, a cut in the benchmark rate, and adjustments to existing mortgage rates.

Additional liquidity measures for brokers and insurance companies, along with increased share buybacks for listed state-owned enterprises, aim to stimulate the Chinese stock market. The PBOC has indicated that more easing is forthcoming, suggesting that ‘we expect further stimulative measures in the coming weeks/months,’ and anticipates a pick-up in economic activity and confidence that could support Macau’s growth story into 2025.

Macau Casino, China monetary stimulus

Base mass recovery remains subdued

Despite these positive developments, the recovery of the base mass segment in Macau remains subdued, indicates Umansky. 

Year-to-date through September, total gross gaming revenue (GGR) stands at 76.9 percent of the same period in 2019. While the mass market segment has performed well at approximately 112 percent of 2019 levels, the base mass recovery is lagging behind, estimated at only around 80 percent of pre-pandemic figures. In contrast, the premium mass segment has thrived, showing over 40 percent growth compared to 2019.

With junkets largely absent from the scene, year-to-date VIP gaming is running at about 24 percent of the same period in 2019, primarily through direct VIP channels. 

Despite these challenges, gaming spend per customer remains robust, even amid soft consumer confidence and declining retail sales. The premium mass customer base continues to exhibit resilience, maintaining strong spending on the Macau experience.

Macau-visitors-crossing the border

October GGR to increase 25% MoM

The expectations for GGR during October Golden Week in Macau are optimistic. Seaport anticipates a daily GGR of MOP950 million ($118.5 million), representing a 4 percent increase compared to the May Golden Week and a substantial 25 percent rise over the Chinese New Year.

September’s GGR was reported at MOP17.25 billion ($2.15 billion), reflecting a year-on-year increase of 15.5 percent, despite a typical seasonal decline of 12.7 percent month-on-month. 

Macau September GGR 2024

The month’s GGR reached 78.1 percent of September 2019 levels, with year-to-date figures now at 76.9 percent of the same period in 2019. While the month began strongly, GGR softened more than anticipated as it progressed, influenced by typhoons that affected Guangdong, Macau, and Hong Kong, as well as another severe typhoon impacting the Shanghai area, an important feeder market.

Macau September GGR 2024

Although GGR estimates were adjusted downward throughout September, the final week leading into Golden Week surpassed these revised expectations. The month concluded with results that exceeded analyst forecasts, with the average daily GGR of MOP757 million ($71.6 million) marking the weakest performance of the year. 

Notably, September this year had fewer weekend days compared to the previous year, which generally correlates with lower GGR, as weekends typically generate over 20 percent higher revenue than midweek days.

Macau tourism

Looking ahead, the outlook for Golden Week is promising. Seaport forecasts October GGR to reach MOP21.5 billion ($2.68 billion), reflecting a 10.3 percent year-on-year increase and a 24.6 percent month-on-month rise. This estimate is bolstered by strong hotel bookings and positive discussions in Macau, in line with historical trends.

Seaport notes that November and December are expected to follow typical seasonal patterns, although December may see a slight dip due to the anticipated visit of China’s president Xi in Macau, which could lead to a weaker week during that period. 

Consequently, the 4Q GGR forecast stands at MOP 59.9 billion ($7.45 billion), indicating a year-on-year increase of 10.6 percent and a quarter-on-quarter rise of 7.6 percent.

POGO workers face mid-October deadline for visa downgrades: Govt

Frank Schuengel
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POGO workers face mid-October deadline for visa downgrades: Govt

Foreign workers employed by Philippine Offshore Gaming Operators (POGO) have until October 15 to voluntarily downgrade their work visas.

The requirement was confirmed by the local Bureau of Immigration (BI) on Monday. BI officer in charge Joel Anthony Viado emphasized that the deadline would not be extended and urged workers to act promptly.

Viado pointed out that the 59-day grace period after October 15th aligns with President Ferdinand R. Marcos Jr.’s directive for foreign POGO workers to leave the Philippines by the end of the year. The BI has committed to speeding up the visa downgrading process for POGO employees to facilitate their departure.

“We will ensure the President’s orders are carried out efficiently and without delay,” Viado stated.

The announcement came during a briefing with Philippine Amusement and Gaming Corp. (PAGCOR) officials and representatives from POGO companies. Downgrading work visas allows foreign nationals to switch their status from a work visa to a temporary visitor visa, providing them with a 59-day window to settle their affairs legally within the country.

In response to the government’s push to shut down POGO operations, a multi-agency task force was formed. This group includes the BI, Department of Justice (DOJ), Department of Labor and Employment (DOLE), Department of the Interior and Local Government (DILG), PAGCOR, Philippine National Police (PNP), National Bureau of Investigation (NBI), and the Presidential Anti-Organized Crime Commission (PAOCC).

The BI and PAGCOR also met with POGO company representatives on Monday to further coordinate the visa downgrading process. Viado explained that the BI might hold “implementation days” for POGO firms, where the downgraded visa status and exit clearances could be issued immediately.

Foreign workers who do not depart the Philippines by December 31st, 2024, will face deportation proceedings and be blacklisted from re-entering the country.

Century Entertainment shareholders approved Cambodia VIP room agreement

Frank Schuengel
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Century Entertainment shareholders approved Cambodia VIP room agreement

Century Entertainment International Holdings Limited held a Special General Meeting (SGM) on September 30th, where shareholders voted on a key resolution that could shape the future of the company’s gaming operations.

The meeting was called to discuss and approve the casino agreement between Century Entertainment’s subsidiary, Wisdom Ocean Group Limited, and LongBay Entertainment, regarding the lease and operation of VIP rooms in Dara Sakor, Cambodia, for the next three years.

The poll results were overwhelmingly in favor of the proposed resolution. Of the 128,247,561 shares eligible to vote, 99.99 percent of votes were cast in favor of the agreement, with only 0.01 percent opposing. As a result, the resolution passed, authorizing the company’s directors to proceed with the execution of the Casino Agreement.

This agreement, which focuses on leasing and operating VIP rooms, is expected to have significant implications for Century Entertainment’s gaming revenues and operational strategy over the next three years.

Century Entertainment Chairman promises to keep company afloat, complete Cambodian VIP room deal

Notably, the VIP rooms targeted by the agreement play a critical role in the company’s broader strategy to capitalize on the lucrative high-roller market, particularly in regions like Asia, where VIP gaming rooms remain a staple in the high-end gambling sector. Given the focus on VIP clientele, the deal with LongBay Entertainment represents a calculated move to enhance Century Entertainment’s footprint in the high-stakes gaming industry.

Century Entertainment Holdings

Hong Kong-listed Century Entertainment’s focus on high-end gaming, especially with its VIP rooms, aligns with broader industry trends across Asia, where the VIP segment remains a major revenue driver for many operators. By securing a multi-year lease on these VIP rooms, the company ensures a steady flow of business from high-net-worth individuals who are integral to the success of casino operations in markets like Macau and Southeast Asia.

HK regulator sues LET Group chairman over alleged misconduct

Viviana Chan
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HK regulator sues LET Group chairman over alleged misconduct

The Securities and Futures Commission (SFC) of Hong Kong announced on Friday that it has initiated legal proceedings to secure a share repurchase order aimed at protecting independent minority shareholders of LET Group and Summit Ascent. 

This lawsuit was filed in the Court of First Instance due to alleged misconduct by Andrew Lo Kai Bong, chairman and controlling shareholder of both companies.

The proposed order would compel Lo, LET, and/or Summit Ascent to make an offer to buy shares from minority shareholders independent of Andrew Lo, with the price and terms determined by the Court. The SFC is also seeking to disqualify Andrew Lo for his alleged misconduct towards the companies’ members.

LET Group is involved in casino project investments and controls Summit Ascent, which operates the Tigre de Cristal casino resort in Primorye, Russia.

Both companies became non-compliant with Hong Kong stock exchange regulations in January after a wave of director resignations followed an initial attempt to sell the entity holding the gaming license for Tigre de Cristal. Shares of LET Group and Summit Ascent have been suspended from trading on the Hong Kong Stock Exchange since January 11th.

In February, the SFC began investigating both firms for a possible breach of regulations related to a proposed sale of the Russian business. The regulator stated that a prior sale agreement, later terminated, was executed without necessary shareholder approval.

The SFC’s Friday statement indicated that Andrew Lo’s alleged misconduct led to the suspension of LET and Summit Ascent shares. With uncertainty surrounding the resumption of trading, the share repurchase order aims to provide a way out for independent minority shareholders.

Tigre de Cristal
Tigre de Cristal

The investigation revealed that Andrew Lo “deliberately disregarded” listing rules and takeover regulations when announcing agreements to dispose of Russian assets in early 2024. Despite the termination of the planned asset sale, the SFC alleges that Andrew Lo failed to disclose pertinent information to shareholders and did not exercise adequate skill or diligence in his role, compromising compliance with the Listing Rules and the Takeovers Code.

In August, LET Group shareholders approved a plan to divest the group’s stake in the Tigre de Cristal resort.

Thailand government advocates discussion on gaming tax collection

Viviana Chan
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Thailand government advocates discussion on gaming tax collection

Thailand’s Deputy Finance Minister Julapun Amornvivat has called for a comprehensive dialogue among relevant state agencies regarding the casino initiative. He anticipates that this discussion will conclude by mid-October.

According to the Bangkok Post, the focus of the talks will be on the tax collection mechanism, especially in light of the restrictions imposed by the State Fiscal and Financial Disciplines Act, which mandates adherence to specific guidelines.

Under this act, tax collection is the responsibility of the Customs, Revenue, and Excise departments within the Finance Ministry. Consequently, the task cannot be assigned to a separate committee, contrary to previous proposals made by the House.

In response to the House’s suggestion of establishing a new fund to assist individuals facing gambling issues, Julapun indicated that further discussions are needed, as current regulations prohibit ministries or agencies from creating redundant funds.

The Deputy Minister emphasized that the entertainment complex project is open to all private investors interested in participating. Therefore, once the entertainment complex bill receives approval from the House, the government will need to establish clear regulations to oversee business operations. This process, he noted, may take considerable time to finalize.

As previously reported, the entertainment complex draft bill suggests that tax rates would be set at 17 percent of gaming revenue, while casinos must be part of a wider integrated resort that offers at least four other entertainment businesses. These may include restaurants, amusement parks, department stores, hotels, and areas for promoting Thai culture.

Meanwhile, Maybank Securities forecasted earlier in April that Thai entertainment complexes featuring casinos could yield approximately THB 187 billion ($5.14 billion) in annual revenue, equivalent to roughly 1 percent of Thailand’s GDP.

thailand

Welcoming major entertainment corporations

On Tuesday, Deputy Finance Minister Julapun Amornvivat also expressed the attitude that major entertainment corporations are welcome in the country. 

He noted that Walt Disney and Universal Studios are encouraged to establish a presence in Thailand once the bill is approved, provided they adhere to the necessary processes in a transparent manner. It is crucial to assess the project comprehensively to mitigate any potential negative impacts on the economy and society.

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